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Inflation Reduction Act: The Highlights

The Inflation Reduction Act was signed into law on August 16, 2022. The tax changes in the law are a part of the “deficit reduction” provisions, Washington-speak for “tax increases”. The most significant tax increases are primarily aimed at the largest corporations. The bill will impose a new minimum tax on corporations with an average […]

G7: Historic Global Tax Agreement

In connection with the recent G-7 Summit, leaders of the G-7 nations (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States) endorsed the principle of a global corporate minimum tax designed to ensure multinational corporations pay income tax of at least 15% in each country in which they operate. The new tax […]

US Tax Considerations Where Employees Work From Home

A more recent post on US persons working from home has been published in March 2021. The COVID-19 pandemic is significantly changing the conduct of business in the US.  Many employers, whether the result of government mandates or because of concern for the safety of employees, are requiring employees to work from home rather than […]

What is the definition of a US Person for tax purposes?

One of the first questions posed to us by local advisors (investment managers, law firms, accounting firms, trustees) and by their clients is, What is the definition of a US Person for tax purposes? The US tax system imposes its income tax on “US Persons”; and the tax reaches all forms of income and gains […]

“Kiddie Tax” – The SECURE Act

The SECURE Act passed by Congress in December 2019 made important changes to retirement plans, but it also made a change to the ‘Kiddie Tax’. Before the Tax Cuts and Jobs Act (TCJA), children with unearned income paid no tax on the first $1,100 of unearned income, and the next $1,100 was taxed at the […]

HMRC Telephone Scam Alert

HM Revenue and Customs (HMRC) is warning the public about a high-profile phone scam that is conning vulnerable and elderly people out of thousands of pounds. The scammers are preying on victims by cold calling them and impersonating an HMRC representative. The caller informs them that they owe large amounts of tax which they can […]

US Tax Reform: The Fight Continues

The US Senate Finance Committee introduced its version of a tax plan on November 9, 2017 in the continued efforts of US tax reform. Although similar to the House bill introduced on November 2, 2017, there are enough differences to ensure a significant battle over the next few weeks. The highlights of the House bill […]

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